Dell Technologies Inc (DELL) is overvalued and Super Micro Computer Inc (SMCI) is undervalued.
Against our estimates of intrinsic value, SMCI trades at the wider discount: a margin of safety of +57%, against -90% for DELL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.9% (average of 3 methods) values the shares at $288.54; the price of $548.92 is 90% above that value, and 70% of that value comes from beyond year five.
Leak Score 57/100 on 8 of 12 signals
Discounting its cash flows at 13.8% (average of 3 methods) values the shares at $97.37; the price of $41.54 is 57% below that value, and 64% of that value comes from beyond year five.
Leak Score 61/100 on 10 of 12 signals
| Metric | DELL | SMCI |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $548.92 | $41.54 |
| Intrinsic value | $288.54 | $97.37 |
| Margin of safety | -90% | +57% |
| Leak Score | 57/100 (8/12) | 61/100 (10/12) |
| Market cap | $349.0B | $27.3B |
| Revenue growth, 5 years | 5.6% | 61.5% |
| Operating margin | 9.9% | 7.1% |
| Net margin | 7.5% | 5.6% |
| Return on equity | — | 21.3% |
| Debt to equity | — | 0.64 |
| P/E | 31.9x | 12.6x |
| Forward P/E | 17.8x | 7.8x |
| P/B | — | 2.7x |
| Dividend yield | 0.5% | — |